If the debit side of receipt and payment account exceeds credit, it represents:

Cash at bank

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Bank overdraft

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Deficit balance

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Surplus balance

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Solution

The correct option is A
Cash at bank

If the debit side of receipt and payment account exceeds credit, it represents cash and bank balance.

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Similar questions

State whether the following Statements are True or False.

1) Bank Reconciliation Statement is prepared by Bank.
2) Bank Reconciliation Statement is prepared at the end of stipulated period.
3) Overdraft facility is allowed to proprietors personal account
4) Debit balance of Pass Book represents overdraft
5) Credit balance of Bank column of Cash Book represents the balance as per Cash book.
6) Bank charges debited by Bank increases bank balance in the Pass Book.
7) Interest credited in Pass Book is an income to the Customer.
8) Bank Reconciliation Statement is prepared to detect the errors the takes place in accounting

Q. The first step in preparation of Receipt and Payment Account is taking the opening balances of cash on hand and cash at bank and entering them on the _______ side; bank overdraft at the beginning of the year by entering the same on the ______ side of this account.

A debit balance in bank column of cash book is always equal to the credit balance in the account of Mr. X in the books of bank.

Give on Word/Term or phrase which can substitute each of the following statements.

1) Statement showing the causes of disagreement between the balance of Cash Book and Pass Book
2) The account on which overdraft facility is allowed by Bank.
3) Excess of total of debit side over total of credit side of Cash Book Bank column.
4) An unfavorable balance shown by the Pass Book
5) A copy of customer’s account issued by the Bank
6) Booklet or a Statement which is used to record the banking transactions.
7) Credit balance of Bank Column of the Cash Book
8) Refusal by Bank to make the payment of cheque

Q. The debit balance of the bank account as per the cash book should be equal to the credit balance of the account of the business in the books of the bank.

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If the debit side of receipt and payment account exceeds credit, it represents:

The correct option is A Cash at bank If the debit side of receipt and payment account exceeds credit, it represents cash and bank balance.

The correct option is A
Cash at bank

If the debit side of receipt and payment account exceeds credit, it represents cash and bank balance.